In a speech at the annual Ethereum Community Conference (EthCC) in Paris, Vitalik Buterin, the co-founder of Ethereum, discussed long-term prospects for the network.
At the developer-focused conference (PoS), Buterin discussed Ethereum’s impending “Merge” to go entirely proof-of-stake from proof-of-work.
What did Vitalik say?
During the discussion of the merger’s long- and short-term effects, Buterin explained, “After the merge, you will be able to build an Ethereum client that is unaware of the proof-of-work phase.”
He said the “surge” would enhance rollup scalability through sharding. It is expected that Ethereum will become a considerably more scalable system after the completion of this roadmap, according to Buterin. The transaction capacity of Ethereum will reach 100,000 by the end of the year.
Vitalik’s take on Ethereum’s future
In terms of the overall evolution of the Ethereum network, he believes that the protocol will be “55 percent complete after the Merge.” In other words, developers still have a lot of work to do. For now, Buterin says the main changes will involve the network’s security architecture, transaction inclusion procedure, monetary policy, and token issuance.
It’s hard to achieve these decentralized aims because of the network’s complexity and how fast it’s growing. The network upgrades have been anticipated for a long time, he said. Is anyone among us interested in revoking proof-of-stake?
Final Words
In the end, Buterin questioned the crowd. There were no hands raised. It’s not going to be canceled, regardless of what you want.
The year before, Buterin argued that Ethereum must venture beyond decentralized finance (DeFi) in a lecture he delivered at the EthCC. Due to Buterin’s address, Thursday seemed to be the busiest day of the conference, with many attendees stating that it would be the best day of the event.
More news on Web3, NFTs and Metaverse:
- Darker Side of Augmented Reality
- KPMG Enters the Metaverse
- A Guide On How To Create an NFT For Sale
- Snapchat will let artists use NFTs as AR filters
- 2022 will bring about a huge turning point for NFTs: is it still true?
***
